Bangor Savings Bank completes merger with Granite Bank
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Bob Montgomery-Rice, president and CEO of Bangor Savings Bank, announced Friday that the bank's parent company had completed its merger with a New Hampshire bank, adding four offices and $241 million in assets.
Bangor Bancorp MHC, parent company of Bangor Savings Bank, completed its merger with a New Hampshire bank, adding four offices and $241 million in assets.
The deal, for First Colebrook Bancorp Inc. (OTCQX: FCNH), parent company of Granite Bank, closed on Friday.
Under the terms of the transaction, shareholders of First Colebrook Bancorp will receive $45 in cash in exchange for each outstanding share of First Colebrook Bancorp common stock, for a transaction valued in the aggregate at approximately $45 million.
With the Granite State branches and another branch planned for Portsmouth, N.H., Bangor Savings will have 60 offices and roughly $4 billion in assets. The Granite State branches have already taken on the Bangor Savings name.
In 2017, Bangor Savings Bank expanded its footprint into New Hampshire by opening a limited service branch in Portsmouth offering mortgage and business/commercial lending, along with payroll and merchant services. In March, the bank announced plans to open an office in downtown Portsmouth, at 8 Bow St., by late summer.
“We are confident that the larger scale and broader presence of our organization will make us competitive in the markets we serve. We look forward to getting to know the people of New Hampshire and are excited about the value that this merger creates for employees, customers and communities across northern New England,” said Bob Montgomery-Rice, president and CEO of Bangor Savings Bank.
Effective immediately, Granite Bank President and CEO Scott Cooper will serve as executive vice president, chief New Hampshire development officer at Bangor Savings Bank.
Cooper said the merger will benefit Granite Bank’s customers as the merged banks “combine forces to offer enhanced banking and financial services to key markets throughout northern New England.”
“It will also tremendously benefit our staff who will realize further opportunities for growth and development,” he added.
FIG Partners LLC served as financial advisor to Bangor Bancorp MHC and Hogan Lovells US LLP served as its legal counsel. Sander O’Neill + Partners LP. served as financial advisor to First Colebrook Bancorp Inc. and provided a fairness opinion to its board of directors and Cranmore, FitzGerald & Meaney served as its legal counsel.
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